January Review
3
12
1
1
1
PE PLATFORM INVESTMENTS
PE
ADD-ON AQUISITIONS
PE MONETIZATION
INITIAL PUBLIC OFFERING
VPS SERIES C PRIVATE INVESTMENT
Vista is a leading global investment firm with more than $95 billion in assets under management as of September 30, 2022. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity.
READ MORE UPDATES
Legal Information +
Investing in Enterprise Software
Top Growth Investors
PLATFORM
Flagship
Fund
MONETIZATION
Flagship Fund
This document is intended to provide general information regarding Vista’s investing experience and not for the purpose of soliciting investors for any Vista Fund. Under no circumstances should the information provided be considered an offer to sell, or a solicitation to buy, any security. Such offer or solicitation may only be made to accredited investors and qualified purchasers pursuant to the current offering documents of the relevant Vista Fund. The information provided may not be reproduced or disseminated to any third parties without the written consent of Vista. The past performance of previous Vista Funds and portfolio companies is not necessarily indicative of future results. Investors in Vista Funds may lose investment capital. There can be no assurance that any future Vista Funds or portfolio companies will achieve comparable results. Additional important disclosures can be found here. ©2023 Vista
The content of this Newsletter is for general, informational purposes. Vista Equity Partners does not make any representation or warranty of any kind, express or implied, as to the accuracy or completeness of the information contained herein. Under no circumstances should the information presented be considered an offer to sell, or a solicitation to buy, any security. Such offer or solicitation may only be made pursuant to the current offering documents for the relevant Vista Fund (the “Fund”) which may only be provided to accredited investors and qualified purchasers as defined under the Securities Act of 1933 and the Investment Company Act of 1940. While the information provided herein is believed to be accurate and reliable, Vista Equity Partners, its advisors and employees make no express warranty as to its completeness or accuracy.
Although the Newsletter may include investment-related information, nothing in the Newsletter is a recommendation that you purchase, sell or hold any security or other investment, or that you should pursue any investment strategy, and no information or Content (as defined below) on the Newsletter is to be relied upon for the purpose of making or communicating investment or other decisions. Nothing in the Newsletter is intended to be, and you should not consider anything on the Newsletter to be investment, accounting, tax, legal or other professional advice.
The information provided in this Newsletter may not be reproduced, distributed or communicated, in whole or in part, to any third party without the express written consent of Vista Equity Partners.
This Newsletter includes information regarding Vista Equity Partners’ past and present portfolio companies. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein. Further, references to Vista Equity Partners’ past and present portfolio companies should not be construed as a recommendation of any particular investment or security. The portfolio companies listed should not be assumed to have been profitable. Any past performance information in the Newsletter is not necessarily indicative, or a guarantee, of future results. Certain transactions may not be publicly announced at the time of distribution of this document and are therefore not included. Please view www.vistaequitypartners.com for additional information regarding Vista’s strategies and past and present investments.
The Newsletter may contain forward-looking statements (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts and are based on current expectations, estimates, projections, opinions and/or beliefs of Vista. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. In addition, no representation or warranty is made with respect to the reasonableness of any estimates, forecasts, illustrations, prospects or returns, which should be regarded as illustrative only, or that any profits will be realized. Actual events or results or actual performance of the relevant Fund (or any other entity referred to in the Newsletter) may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward-looking statements in making their investment decisions. No representation or warranty is made as to future performance or such forward-looking statements.
Please see Disclosures at https://www.vistaequitypartners.com/disclosures/ for further information.
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Monti Saroya, Senior Managing Director
and Co-Head of the Flagship Fund,
Vista Equity Partners
"
ADD-ON
Flagship
Fund
ADD-ON
Flagship
Fund
ADD-ON
Endeavor
Fund
platform
Flagship
Fund
Add-on
Flagship
Fund
Monetization
Endeavor
Fund
January Announced Transactions
terms not disclosed
Vista recognizes the urgency of the climate crisis and is partnering with our portfolio to reach net zero GHG emissions. In pursuit of that goal, we were pleased to release the Vista Climate Action Report in August. This report shares our portfolio’s baseline GHG emissions analysis for 2019 and the pillars
of our Climate Action Plan. As one of the first North American-based private equity firms to outline our GHG footprint across all majority-owned companies publicly, we’re proud of this progress and our commitment to ESG principles.
Advancing Climate Goals
Vista Managing Directors Adrian Alonso and Ryan Atlas were named to GrowthCap’s list of the Top 40 Under 40 Growth Investors of 2022. Honorees were selected from hundreds of investing professionals based on their breadth of experience, proven ability to deliver results
and track record of supporting founders and executive teams. Both Adrian and Ryan have been with Vista
for over a decade, and we are proud of their professional growth, leadership and outstanding performance.
We announced the take-private of Datto in April, which is pending sale to Kaseya at a valuation of $6.2 billion following a period of rapid growth during its time in the Vista portfolio. After acquiring Datto in December 2017, we merged it with Autotask, a Vista Foundation Fund company, based on an investment thesis to create the world’s broadest MSP platform. Partnering with Datto’s founder and management team, we accelerated organic growth across the enterprise — implementing best practices across sales, customer acquisition and customer experience — and completed three add-ons to further strengthen the product suite. During this time, Datto’s annual revenue more than doubled to $620 million, headcount increased from ~800 to more than 2,000 and its MSP customer base has grown to over 19,000.
Congratulations and best wishes to the Datto team on this exciting milestone. This exit represents a meaningful monetization event for both Vista’s Flagship and Foundation Funds.
Building Strong Cultures
January Review
Investing in
Enterprise Software
January Announced Transactions
READ MORE UPDATES
Vista is a leading global investment firm with more than $95 billion in assets under management as of September 30, 2022. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity.
Legal Information +
This document is intended to provide general information regarding Vista’s investing experience and not for the purpose of soliciting investors for any Vista Fund. Under no circumstances should the information provided be considered an offer to sell, or a solicitation to buy, any security. Such offer or solicitation may only be made to accredited investors and qualified purchasers pursuant to the current offering documents of the relevant Vista Fund. The information provided may not be reproduced or disseminated to any third parties without the written consent of Vista. The past performance of previous Vista Funds and portfolio companies is not necessarily indicative of future results. Investors in Vista Funds may lose investment capital. There can be no assurance that any future Vista Funds or portfolio companies will achieve comparable results. Additional important disclosures can be found here. ©2023 Vista
The content of this Newsletter is for general, informational purposes. Vista Equity Partners does not make any representation or warranty of any kind, express or implied, as to the accuracy or completeness of the information contained herein. Under no circumstances should the information presented be considered an offer to sell, or a solicitation to buy, any security. Such offer or solicitation may only be made pursuant to the current offering documents for the relevant Vista Fund (the “Fund”) which may only be provided to accredited investors and qualified purchasers as defined under the Securities Act of 1933 and the Investment Company Act of 1940. While the information provided herein is believed to be accurate and reliable, Vista Equity Partners, its advisors and employees make no express warranty as to its completeness or accuracy.
Although the Newsletter may include investment-related information, nothing in the Newsletter is a recommendation that you purchase, sell or hold any security or other investment, or that you should pursue any investment strategy, and no information or Content (as defined below) on the Newsletter is to be relied upon for the purpose of making or communicating investment or other decisions. Nothing in the Newsletter is intended to be, and you should not consider anything on the Newsletter to be investment, accounting, tax, legal or other professional advice.
The information provided in this Newsletter may not be reproduced, distributed or communicated, in whole or in part, to any third party without the express written consent of Vista Equity Partners.
This Newsletter includes information regarding Vista Equity Partners’ past and present portfolio companies. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein. Further, references to Vista Equity Partners’ past and present portfolio companies should not be construed as a recommendation of any particular investment or security. The portfolio companies listed should not be assumed to have been profitable. Any past performance information in the Newsletter is not necessarily indicative, or a guarantee, of future results. Certain transactions may not be publicly announced at the time of distribution of this document and are therefore not included. Please view www.vistaequitypartners.com for additional information regarding Vista’s strategies and past and present investments.
The Newsletter may contain forward-looking statements (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts and are based on current expectations, estimates, projections, opinions and/or beliefs of Vista. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. In addition, no representation or warranty is made with respect to the reasonableness of any estimates, forecasts, illustrations, prospects or returns, which should be regarded as illustrative only, or that any profits will be realized. Actual events or results or actual performance of the relevant Fund (or any other entity referred to in the Newsletter) may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward-looking statements in making their investment decisions. No representation or warranty is made as to future performance or such forward-looking statements.
Please see Disclosures at https://www.vistaequitypartners.com/disclosures/ for further information.
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Twenty-six companies from across Vista's investment strategies were recognized for their commitment to building strong and inclusive cultures on BuiltIn’s 2023 Best Places to Work list. Additionally, Gainsight was named the number one place to work in the United States by Glassdoor. Congratulations to all honorees for these well-deserved recognitions.
Building Strong Cultures
From the Desk of the CEO
Vista’s Flagship Fund announced the acquisition of Duck Creek (NASDAQ: DCT), the intelligent solutions provider defining the future of property and casualty (P&C) insurance. This investment represents an exciting opportunity to build on Duck Creek’s best-in-class platform and solutions, which serve many of the world’s leading P&C insurance carriers.
Duck Creek’s modern cloud architecture
and demonstrated market traction position
it to define the next generation of mission-critical technology for P&C insurance."
2023 started strong, with Vista announcing the take-private
of Duck Creek Technologies, the sale of Zapproved and add-on acquisitions
for companies in the Flagship and Foundation portfolios. We were also pleased
to celebrate recognitions for our team members and portfolio companies.
Terms not disclosed
add-on
Foundation Fund
$2.6bn
Terms not disclosed
Throughout the summer, the Vista ecosystem
has continued to invest, drive value creation initiatives and advance impact goals amid dynamic market conditions. In July, Vista’s portfolio companies announced several add-on acquisitions. Additionally, our Firm and portfolio companies supported Code.org’s advocacy efforts for universal access to computer science education. Finally, several Vista team members and companies were recognized for outstanding
leadership and performance in their fields.
Vista announced five add-on acquisitions
in July. In the Flagship Fund, Advanced invested in Decision Time, a provider of board governance, risk and compliance software
and Pellcomp, a provider of individual learner record management software. In the Foundation Fund, Aptean acquired Produce Pro, a purpose-built solution for the fresh produce and perishables industry, while StarRez added Residential Management Systems, the developer of the Mercury Residential Housing Platform. BigTime,
a company in Vista’s Endeavor Fund,
also completed its acquisition of Projector,
a cloud-based professional services automation platform.
Monti Saroya,
Senior Managing Director
and Co-Head of the Flagship Fund, Vista Equity Partners
Duck Creek’s modern cloud architecture and demonstrated market traction position
it to define the next generation of mission-critical technology for P&C insurance."
"
$8.4bn
platform
Flagship
Fund
$8.4bn
platform
Flagship
Fund
$2.8BN
MONETIZATION
Flagship
Fund
Terms not disclosed
Add-on
Foundation
Fund
The Endeavor Fund announced the sale of its majority stake in Zapproved, an e-discovery software provider for corporate legal teams. Over the course of our partnership, Zapproved experienced significant growth, twice ranking on Deloitte’s Technology Fast 500 list. With Vista’s support, Zapproved established category leadership by expanding its product suite, enhancing customer success capabilities and scaling
its go-to-market engine.
Vista’s Founder, Chairman and CEO, Robert F. Smith, recently penned an article for Fortune Magazine on how the global asset management industry has the potential to drive impact at scale. In the piece, he shares actionable steps asset managers can take to increase diversity and promote inclusivity across their portfolios.
Robert also authored an op-ed for VentureBeat, outlining the keys to leading enterprise software businesses in times
of uncertainty. Read the full article here.
We were pleased to celebrate five of our colleagues following their promotion to Managing Director. These promotions underscore Vista’s commitment to attracting, retaining and developing exceptional talent. Congratulations to the following team members:
In Case You Missed It
Cheryl Leahy, Managing Director, Capital & Partner Solutions
Jessi Marshall, Managing Director, Marketing
Amy Mathews, Managing Director, Head of Venture Capital Coverage, Vista Credit Partners
Drew Tate, Managing Director, Capital & Partner Solutions
Steven White, Managing Director, Private Equity, Flagship Fund
We also recently released Vista’s 2022 Year in Review, reflecting on our progress from the year and highlighting the people behind our success.
Read Vista’s Year in Review
Managing Director Promotions
Year in Review
Vista’s Founder, Chairman and CEO,
Robert F. Smith, recently penned an article
for Fortune Magazine on how the global asset management industry has the potential to drive impact at scale. In the piece, he shares actionable steps asset managers can take
to increase diversity and promote inclusivity across their portfolios.
Robert also authored an op-ed for VentureBeat, outlining the keys to leading enterprise software businesses in times of uncertainty. Read the full article here.
From the Desk of the CEO
We were pleased to celebrate five of our colleagues following their promotion
to Managing Director. These promotions underscore Vista’s commitment to attracting, retaining and developing exceptional talent. Congratulations to the following team members:
Managing Director Promotions
We were pleased to celebrate five of our colleagues following their promotion
to Managing Director. These promotions underscore Vista’s commitment to attracting, retaining and developing exceptional talent. Congratulations to the following team members:
Vista Managing Directors Adrian Alonso and Ryan Atlas were named to GrowthCap’s list
of the Top 40 Under 40 Growth Investors of 2022. Honorees were selected from hundreds
of investing professionals based on their breadth of experience, proven ability to deliver results and track record of supporting founders and executive teams. Both Adrian and Ryan have been with Vista for over a decade,
and we are proud of their professional growth, leadership and outstanding performance.
The 2022 GrowthCap 40 Under 40 recognition is an annual recognition that was presented 12/2022, which included
a participation fee for consideration.
Vista’s Flagship Fund announced the acquisition of Duck Creek (NASDAQ: DCT), the intelligent solutions provider defining the future
of property and casualty (P&C) insurance.
This investment represents an exciting opportunity to build on Duck Creek’s best-in-class platform and solutions, which serve many of the world’s leading P&C insurance carriers.